China’s anticipated white paper blames America for the trade war
China officially launched its white paper (click here to download the full text version), citing trade disruptions launched by the US is affecting the entire world. It claims that the US is an untrustworthy negotiator, while many US media outlets have reported the opposite, saying Beijing backed out of all negotiating points.
“During the consultations, China has overcome many difficulties and put forward pragmatic solutions. However, the U.S. has backtracked, and when you give them an inch, they want a yard.”Vice Commerce Minister Wang Shouwen
Truth is, we do not and cannot know what goes on in such confidential meetings. Nobody is completely right or wrong, and there are reasons behind actions. What’s interesting to note is the reason behind the release of this white paper blaming America. Although it could be just a more official comeback to Trump’s tweets.
China’s investigation of Memphis, Tennessee-based FedEx, is due to the fact that the shipping giant diverted packages destined for Huawei addresses in Asia. The US has consistently increased tariff rates on Chinese goods, and is further looking into $300 billion worth of more goods to levy tariffs.
The one thing from the paper we know to be true, is that global markets are seeing instability due to the trade war growing a gap between the power giants. Read more about the white paper here.